Varo Money: Registration Redesign

Three iPhone SEs on a purple background. Each shows a different screen from Varo's registration redesign.
Company Overview
Varo is a fee-free, mobile-first, banking and personal finance app.
Role
Product designer
Deliverables
Native iOS app designs

Problem

Users weren’t completing Varo’s registration process due to confusion and a lack of trust in Varo

Months after Varo’s launch, we weren’t seeing the levels of in-app conversion we had expected. In an effort to fix this, we conducted research to understand why our biggest drop-offs were happening and what we could do about it.

We began our research by looking at the data on user drop-off during the registration process and identified where it was highest. We then paired the quantitative data from our app analytics with qualitative data from user testing, customer support tickets, and NPS comments.
‍

Once we had compiled all of our data, we arrived at a list of pain points to address:
  • Users felt the Varo app looked dated and not secure.
  • The sensitive information Varo asked for seemed unnecessary and intrusive.
  • The language used in the app’s copy came off as distrustful.
  • It wasn’t clear to users that they were applying for a bank account.
    ‍

Objective

Improve conversion by setting expectations, reducing clicks, and emphasizing trustworthiness

We had a few hypotheses on how to improve our registration process based on the data we had gathered:
  • An updated visual style, focused on consistency and polish, would show we care about our product and, by extension, our users.
  • Emphasizing bank-related symbols and imagery would convey that users were opening a bank account.
  • Setting clear expectations for what users would need to do in order to apply for a bank account would make it less jarring when we asked for sensitive information.
  • Removing unnecessary text would decrease cognitive load and prevent user fatigue.
    ‍

Solution

Emphasize that Varo is a credible bank by using well-known symbols of banking security

By using images of a debit card and bank-related logos like FDIC and Visa, we conveyed that Varo is indeed a bank, and that these well-regarded organizations trust us—so users can too.

Making sure our app’s visuals looked modern and credible was also important in winning user trust. We examined current design trends, mocked up ideas within Varo’s design system, and then put those in front of users. From this, we arrived at a credible, approachable style that made users feel safe.

Set context for the information users must provide

Banking regulations require us to collect a lot of personal information from users, which can often come off as invasive if not framed properly.

With this in mind, we used titles and instructions that conveyed the significance of the information from the user’s perspective. When rewriting the instructions, we emphasized friendliness and trust in addition to clarity and brevity.

We also added a progress indicator to convey what kinds of information we would be asking about in each part of the registration process. With this, users would be less surprised when asked to provide potentially sensitive information.

Communicate clearly using descriptive headers and more direct instructions.

During user testing, many participants said they felt overwhelmed with the amount of information and text presented to them. To address this, we cut down the amount of explanatory text in favor of larger, more direct headers that quickly and succinctly conveyed the purpose of a screen.

Impact

Increased conversion and praise from industry leaders

Our next round of testing supported all of our hypotheses. Participants reported less fatigue, demonstrated a greater understanding of what they needed to do and why, and felt the appearance of the app conveyed trustworthiness and credibility.

Most importantly, all participants knew they were signing up for a mobile bank account.

After launch, we noticed a significant increase in the number of users completing the registration process for a Varo bank account.

7 months after the release, Varo received 5/5 stars in a report published by Celent, a consulting firm focused on financial services technology, on comparing mobile bank account registration at various US banks.

A detailed description of Celent's review of Varo amongst other banks.
A graph ranking Varo among the top of the banks that Celent reviewed.

Finished reading?
Let's keep a good thing going:

Three iPhone 13s arrange in a row on a light pink background. Each shows a different screenshot from Lyft's Gift a Ride feature. Above them are the Lyft and Tinder logos with a small heart icon between them.Three iPhone 13s arrange in a row on a light pink background. Each shows a different screenshot from Lyft's Gift a Ride feature. Above them are the Lyft and Tinder logos with a small heart icon between them.
An image of a phone and laptop side-by-side on a cyan background. Both show screenshots from SoFi's recurring payments tracker feature.An image of a phone and laptop side-by-side on a cyan background. Both show screenshots from SoFi's recurring payments tracker feature.
Three iPhone SEs on a blue background. Each shows a different screen from Varo's mobile check deposit redesign. A white Varo logo is at the top.Three iPhone SEs on a blue background. Each shows a different screen from Varo's mobile check deposit redesign. A white Varo logo is at the top.